I am CFAB qualified (the first 6 exams of ACA) I would like to do some home bookkeeping work just on the side-for more experience really. I am aware that I need insurance but Im not too sure what (Professional Indemnity Insurance, thats all I know)
Also I believe I need another qualification to help me out (for my own knowledge and for my CV) In wouldnt know which bookkeeping qualification to go for- If so would I get any exemptions because Im CFAB qualified.
Also I'm worried that I am not capable of passing anymore exams (I'm sure of it) and therefore Im very worried that I wont be employable and will earn a low salary. Therefore Im trying my best to get as much experience and hopefully that will be enough to be slightly employable. Any suggestions please?
Thank you ever so much in advance- I really appreciate this.
You do not have to have insurance if you are not member of any of the bookkeeping bodies but it is advised to have. You MUST register for MLR with HMRC or if you become a member of ICB or IAB they do it for you. That's about what you need to do bookkeeping from home. You can join ICB or IAB, membership has its advantages and disadvantages ie. according do your qualifications and membership level you will be limited what you allowed to do. You can take any of the ICB or IAB qualifications but it is not going to help in any ways in your CV (my opinion) especially as you have a qualification from ICAEW what is on a higher level. I still would do a course on practical bookkeeping (any) just for the knowledge as CFAB studies are more about the theory and less about technical bits. I just finished accounting module (CFAB), I did it after I got my qualifications from ICB and I found it fairly easy but I am not sure if someone will be able to do practical bookkeeping based only on the accounting exam without prior knowledge or experience. What I think is the two qualification/exam brilliantly compliments each other. One is more technical and the other is more theoretical. If I was you I would go for the full ACA even if it is hard. I would think if you complete ACA it will open up real opportunities for you not just some part time bookkeeping from home. But it is not easy - I am sure you know that ;)
About being employable. Well, you passed six ACA exams so if you register for ACA studies you get the automatic examptions and straight away you will be part qualified ACA. I am sure you would have more opportunities with this than a Level 2-3 ICB qualification. Employer do not know about ICB or IAB but they do know what a chartered accountant is. Or you can go for AAT but it will take the same time to complete as ACA unless you have practical experience.
I am still far away from completing CFAB so let me ask you what do you think about it? What do you think the hardest module was?
-- Edited by attilabenko on Wednesday 21st of July 2010 09:43:54 AM
Firstly thank you for your very quick response attilabenko.
I totally agree with what you are saying about the practical side of things with the CFAB (I believe I have learnt it all so quickly and we didnt do any practical DRs or CRs etc in lesson) hence why I wanted to do a bookkeeping course to help me get to grips with it all. You say I should carry on with the qualification but Im not one to quit but this course is so hard I believe might be able to complete the next stage but I know I wont be able to go any further (but I will be in so much stress and I struggled with the first 6exmas as it was) so is it worth it doing the next 6 and not being able to complete anymore, will it be worth the stress and money?- I was thinking maybe if I was older and had more experience I might be able to then pass them, but then it's getting back into the studying phase. Also I have a friend who isnt qualified and has a good few years experience and she is on a good wage- so I was thinking I might be lucky too.
So you are saying that my qualification is more noticeable than the ICB and IAB? And therefore I shouldnt really waste a lot of money going on the bookkeeping course- unless I can be funded/sponsored?
The reason why I asked about the bookkeeping was because I wanted to do some on the side to get more experience and a greater understanding- because at the moment I work in a office where we use TAS and update the client daily and I don't need to worry about the debits or credits etc- but I know that when it comes to the bookkeeping and doing someone's accounts at their year end then it's all in one go (like the paper bag jobies) rather than on a daily basis (If that makes sence) and therefore I need to know it all inside out- so I thought by doing bookkeeping I would fully understand it all.
Im just really worried on what to do for my future- I really really want to be an accountant, but I am concerned on how little I actually know (this sounds terrible) dont get me wrong I have learnt a lot to do with accounting since I have left school but obviously not enough- and I am worried on what I should actually know. I'm a person who understands things by doing it a few times, not by reading a book, so if I was totally honest I found my studies very hard but work I find easy because once I have done it a few times then I get to grips with it.
About the CFAB exams, I found it all very hard (if I was being honest with you, I came straight from sixth form with not accounting knowledge or background what so ever and went straight onto the course- which I strongly recommend no one else should do unless they are cleaver (which I am sadly not))- so all my lessons were a great shock to me, having come from school having loads of frees to revise and recap on what I did in the lesson, to a 4 day intense course- but as time went on I got the hang of how quick I had to learn and remember things.my favourite lesson was Principles of Tax but the hardest Id say was management information (theres a lot to remember)
This may be a silly question but are you a full time accountant now- how are you finding it? Or how did you find it when you first started? (sorry if I am asking personal questions- you don't have to answer them if they are)
You said you have completed the ICB and you found it easy- can I ask; why was it easy?- do you have an accounting background? how long it took you? where they assignments hard? and did they take a long time to complete? and what sort of assignments are they? Do you think I could go straight onto the advanced bookkeeping?- or will I need to do the practical first? did you self study? is it doable with a full time job?
sorry for all the questions-
Sorry for the essay- you can probably tell that I worry a lot, I just dont like not knowing what to do.
Thank you ever so much once again, I look forward to your reply
-- Edited by locky on Wednesday 21st of July 2010 01:46:26 PM
-- Edited by locky on Wednesday 21st of July 2010 01:52:32 PM
Ok , I am not an accountant but a bookkeeper. What I was trying to suggest with completing ACA even if it is a struggle was especially about wages. Qualified/experienced bookkeeper salaries well I would say the very top end you can get is the very bottom what you would get as a qualified ACA. Part qualified ACA jobs would pay you from £25-30000 upwards- but minimum £20000, as a bookkeeper/accounts assistant you will struggle to get anything near that much, in reality without experience you would get half of those salaries and with experience a bit more. As a qualified and experienced bookkeeper if you are lucky you can get up to £25000 depending on where you live, but this would involve not just bookkeeping but payroll (with experience or at least knowledge) as well. Once you would qualify as ACA your salary would be much higher than what you could ever achieve in any accounts clerk/bookkeeping jobs. The more you study the more you will realise how little you know, don't worry about it, that's the way it is, you just have to be confident in the things you know! What I found easy was to do CFAB accounting module after having the knowledge from ICB. After what you are saying a practical bookkeeping course would be just ideal for you - I did ICB, but I believe IAB or AAT ABC are the same- they do not go in great details into reporting/accounting standards or legislation but they teach you the basic double-entry very well! None of them are requiering you to study in such a fast paste, but they make sure you fully understand the basics. I would not have been brave enough to start CFAB without the prior knowledge, so congratulations! If you lost your confidence, get it back! Just slow down with your studies, I am doing CFAB from home self-study,no school so if I don't get something I have to do my own research, can't just ask the teacher and on this way I can make sure I fully understand what I learnt-but it takes longer... ICB courses are more than viable with having a full time job. If I was you (opinion) I would do a level 1 (cheap) course to give confidence with basics once you got that level 2 is not such a big step. Without level 1 I am sure you cannot fully understand what you have learnt on CFAB course.
You can do bookkeeping course with whichever body you want but make sure in your CV you put CFAB on the top stating it has been awarded by ICAEW and put that it's the first 6 modules of ACA just in case if someone wouldn't know. ICAEWs ACA is one of the most desirable qualifications so their name is something everybody will know in accountancy but ICB is not that well known. you know, just have a look at job adverts to see what is needed (this will be AAT).
So do a level 1 to get confidence but do not commit yourself to ICB. If you gain your trust back in yourself there are much better options out there for you. Completing 6 modules of ACA after sixth form is a very good achievement, I understand it was very hard- and it should be, even if you give it up ( stop at CFAB) don't give it up for ever just let's say suspend it ;) you might find employers who would be ready to pay for the rest of your studies, as you already proved you can study accountancy.
-- Edited by attilabenko on Wednesday 21st of July 2010 04:04:55 PM
-- Edited by attilabenko on Thursday 22nd of July 2010 12:00:41 AM
One more. If you start ACA and you put in your CV you are doing it and you are part qualified ACA for certain jobs they won't consider you thinking that you are over qualified. A lot of times companies need someone who will stay in their accounts department for ever doing sales ledger...and for better paid jobs it is the opposite, they want someone who is able to and willing to progress. So if you apply for accounts admin jobs if you put CFAB by ICAEW is good enough but they very likely want experience (anything related to the job is better than nothing) but still I would try to get a trainee accountant job at the end of the day you did complete 6 modules of ACA!!!
-- Edited by attilabenko on Thursday 22nd of July 2010 12:03:37 AM
You remember those debates about accountants not knowing double entry? I did have the feeling and I still do, it is possible to qualify without fully understanding the technical parts of basic double entry. Prime example here. Completed first 6 modules of ACA and does not fully understand Dr and Cr. These are the modules where you meant to be learning it (sort of), after these the studies not gonna go back to the basics. So you learn more theories, standards, legislations, reporting, etc. and there you go you qualified and unless in your 3 yrs work experience you get a firm understanding of double entry ( I admit, you most probably do) you become a CA without fully understanding the very basics?! I know in real life you will learn the basics, if they don't teach you, you still will want to learn it in your own interest but in theory it is possible!
Steve, I read your comment last night, I didn't really get it (well I did, sort of). I do understand it is a worrying feeling you have to work for £14000/yr, and if you are on these sort of wages it is not easy to survive - but that's life (that is for locky). Without continuous learning and continuously putting a great amount of effort in your career building/work you can stuck on these salaries for ever. If you are young make sure you don't waste your time and realise it when you are over 40 you should have done things differently.
About those lovely ;) qualifications. You said you are worried you couldn't complete ACA and you would waste your monies and your time. Well if you go back to basic bookkeeping, you already wasted your time and monies on CFAB. If you really feel you couldn't complete the full qualification ( this is the hardest to complete in the whole accountancy-so it is not easy to anyone) than don't do it, no point if you are not enjoying it and you don't want to become a CA. You always can go for AAT, lots of topics about it on this forum - I don't want to go into details - and become an accounting technician. You most probably would learn things what you already know from CFAB but you would get a well known and recognised qualification with what you possibly can get a job in accounts departments as manager in the future ( obviously you need experience for anything not entry level).
Thank you sooooo much for your help so far it is truly appreciated.
I hate to worry all the time- I just wish I could understand things and remember them straight away, because I dont want to get older and to have to keep asking questions about accounting. I dont like having to make decisions like this because I dont know what to do- I guess Im still in the school stage of life (at school was great because I was top of my class, but now I hardly understand anything!) and I dont like not knowing that path to take!
I defiantly need to learn more about the basic bookkeeping- a friend has lent me a book on financial records and accounts which seems to contain good information : ) Im thinking I might just read through the book and complete the questions and get experience that way- because otherwise I think I will have to pay fees for home study (which I guess is the same as reading this book!) I think you are right about not committing myself with the ICB because the CFAB qualification I have now is more recognisable like you said.
I understand what you are saying about the AAT, I think its a great idea but I know it costs a lot and I it could pay off in the long run I guess- the only thing is I know it takes 3years to complete and the qualification I have now is slightly higher (but I dont think many accountancy firms have herd of CFAB)I guess my major concern is how much money I could be earning when Im older (would I be able to support my children when I have some?) I think over time I will understand the accounting side of things better but like I was saying I dont want to be older and keep asking people for help in the office on things I still dont understand (because that can get annoying)
ATM I am working in a firm for experience who do paper bag jobbies and it is worrying on how much I need to learn- I am getting jobs where I need to review the bookkeepers work and find the errors and adjust them and then prepare the accounts and I am having to ask questions on what to do!!!!!! : ( maybe over time I will be able to do it on my own and not have to ask questions- but its the unknown!
Thank you once again this is really helping me- as I cant really ask for advise at home because they wont fully understand (they dont know much about accounting)
Steve, I read your comment last night, I didn't really get it (well I did, sort of). I do understand it is a worrying feeling you have to work for £14000/yr, and if you are on these sort of wages it is not easy to survive - but that's life (that is for locky). Without continuous learning and continuously putting a great amount of effort in your career building/work you can stuck on these salaries for ever. If you are young make sure you don't waste your time and realise it when you are over 40 you should have done things differently.
I read it this morning and deleted it because even i didn't get it, all I know is I woke up at around 2 this morning at my desk so maybe I was drunk.
hey guys, i just came across these posts and noticed you were talking about the CFAB qualification. Im considering taking these and was wondering if you could give me a bit more information about the exams. Il be doing the accounting, management information, law and assurance modules. are the exams based on long response questions or ...? im especially worried about the law and aassurance modules because iv never covered assurance before in my studies and law isnt exactly my favourtie subject! Cheers
I read it this morning and deleted it because even i didn't get it, all I know is I woke up at around 2 this morning at my desk so maybe I was drunk. 
